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7 Money Mistakes That Are Easy to Make (and How to Avoid Them)

7489 ratings | 155560 views
Improve your digital security and easily manage all your passwords with Dashlane: https://www.dashlane.com/collegeinfogeek. You can also use the code "collegeinfogeek" to get 10% off their premium plan as well! Huge thanks to Dashlane for sponsoring this video and supporting this channel. If you want to save more money, pay off your debt faster, and start building a solid financial base, then there are some common mistakes that you really want to make sure you avoid. Here are my top 7. Here's a public version of my budgeting/what-if spreadsheet that you can use (please note that I can't provide technical support for it): https://docs.google.com/spreadsheets/d/16x_2IkTArADOGfmimU8V7ejkpfCwdgKQWYmRMJJdRXg/edit?usp=sharing Get my book "10 Steps to Earning Awesome Grades" FREE: https://collegeinfogeek.com/get-better-grades/ Follow Me: Instagram ➔ https://instagram.com/tomfrankly Twitter ➔ https://twitter.com/tomfrankly Podcast ➔ https://www.youtube.com/TheCollegeInfoGeekPodcast Subscribe to My Channel: http://buff.ly/1vQP5ar Links from the Video: The Ultimate Guide to Budgeting for Students: https://collegeinfogeek.com/budgeting-for-college-students/ CIG Podcast episode on investing: https://collegeinfogeek.com/start-investing-even-in-debt/ Simple Dollar blog post on the 7% return of index funds: https://www.thesimpledollar.com/where-does-7-come-from-when-it-comes-to-long-term-stock-returns/ Listen Money Matters podcast: https://www.listenmoneymatters.com/show/ My Video Gear: https://kit.com/tomfrankly/my-video-gear
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Text Comments (428)
dERP (7 months ago)
luz areizaga (5 months ago)
Literaly heard it and went straight to the comments to see if someone mention it and guess which is the first commemt that i see😂
Sonicz Forever (4 days ago)
Heres another tip I delayed a purchase saved 19 euros.
hurrelled (21 days ago)
So what he named are all USA based investing websites. Are there any investing websites for Europe as well? Particularly one that would include Latvia.
Maxhit007 (22 days ago)
Literally Dave Ramsey's book is all you need. He gives you specifics that Thomas is talking about, especially about and Emergency Fund and how to have a budget. It's really cheap and is a very useful tool. Highly recommend
Pawan sandhu (24 days ago)
Informative video but quite long
Gabi Kucheryavyy (27 days ago)
Andreas Maita (1 month ago)
I don't know about you guys but I want that spreadsheet
Bruno Cristiano Rosa (1 month ago)
WOW click on the "like bottom" before watching the video it's a habit to me... Anyone else?
Zoxion (1 month ago)
4:14 – When making a spreadsheet is the most orgasmic feeling in the world.
Mr. Causey (1 month ago)
Budget, don't spend more than you make, and avoid debt! Don't use a credit card, use a debit card.
Laszlo Vekony (1 month ago)
Hi Tom, thanks for the video, it is awesome. You have inspired me in your videos and I created a blog about this topic: @t just started, but it helps me to organize my thoughts.
Shakeel Jessa (1 month ago)
I really like the humor in this video Thomas! Very informative and funny
HaroArtist (1 month ago)
Super Nerd, but this is awesome!
Peter Melia (1 month ago)
I like your ideas, but not the credit card one so much, I think many people sleep walk in to being a month in arrears on their everyday purchases. I would think differently if people held the forth coming month cash in there current account then used the credit card, but I am quite certain most people don't leaving them selves exposed or as Warren Buffett would say you can see who is skinny dipping when the tide goes out. I hope that makes sense. Or to put it another way, if you need your wage to pay the credit card at the end of the month, you are a month in arrears...
m (2 months ago)
Cool content, man! Fellow Des Moinesian here, keep up the good work!
A J Somebody (2 months ago)
CUE THE LAMAS That right there made my day!! 😂😂
Rommel Ronald Gapasin (2 months ago)
lost all ur friends? id like to know why
June Twenty (2 months ago)
I just smashed my head into my phone what just happened
Niels I. (3 months ago)
Can't wait until I'm done with my degree so I can finally have enough money to do any of these things... haha I live in one of the most expensive places in the world, and unfortunately the student loans don't cover the expenses of ANY student. Unless you live with your parents. Which I don't.
04dram04 (4 months ago)
Its immoral to use a credit card instead of a debit card. Your credit card company charges the vendor a fee, every time you use it. So you are helping the credit card steal.
04dram04 (4 months ago)
Its immoral to use a credit card instead of a debit card. Your credit card company charges the vendor a fee, every time you use it. So you are helping the credit card steal.
rocío (4 months ago)
cue the llamas omg 😂
Ed Francis (4 months ago)
5:50 Thomas Frank to Slipknot in one move!
Jony boy (4 months ago)
Time spent watching your videos is time spent doing something productive! Thank you so much for your valuable insights Thomas. You are a true gem for a generation filled with thorns! Absolutely love your work.
Dima Medved (4 months ago)
Why are you eyebrows constantly raised?
NjOd ab (5 months ago)
I need to have Money first to make mistakes .
Shelby Snellen (5 months ago)
My disability is numbers. How can I fix or work with that?
Arthe5 (5 months ago)
Why are credit cards so common in america? Why not just use a debit card?
Devin Kennedy (5 months ago)
Cas (5 months ago)
Hey Thomas, awesome video! What whould I do considering I live in europe (netherlands) though?
RobertDevious (5 months ago)
Could you make a video about getting out of debt?
ditto (6 months ago)
This is easily one of the most concise yet pragmatic videos I've seen on managing personal finances. Very well done, and no fluff. Thanks.
Could you tell us more about investmens ?
One Traveler One World (6 months ago)
That bitconnect reference man LOL
De Om (6 months ago)
You spend only $100 on groceries? Ramen all month?
Thijs K (6 months ago)
Your video quality is so satisfying.
Gaurav Sati (6 months ago)
Where can we find your Podcasts?
Matt (6 months ago)
Regarding the point on investing your money, yes I agree that you should factor in that the 7% return is long term - but you also need to keep in mind that the 7% is pre-tax. I'm not from the States, but where I'm from that 7% would turn into ~5% after tax. The income component taxed up front, the capital component taxed when the investment is sold. Something to keep in mind.
Sherman Campbell (6 months ago)
hey thomas!! i live in west des moines and would love the chance to meet you! you truly inspire me and maybe message me
Breanna Weiland (6 months ago)
Timeout…you live in Iowa?
pugtrees (6 months ago)
emergency fund of 3-6 months is a good goal to work toward
amdresselaers (6 months ago)
Investing is for the rich !
Mary Metry (6 months ago)
How do you set up an auto payment for credit?
Oversampled (6 months ago)
Where is my money b*?!
Lady.Whatever (6 months ago)
I spent a lot of what I've earned the first times I got paid. After three months, I started wanting less things, and started saving. I got a pretty good amount. But I don't think it's enough for what I want to do medium term
bom dia (6 months ago)
Why exactly llamas, why not dog or cat?
DS (6 months ago)
Probably my favourite video on your channel! And I've been following the channel for a few years now! Congrats!
FleX FleX (6 months ago)
Hi I would like to ask for tip on any good app where I can handle (I mean write down, plan and track) medium term expenses. Exactly as Thomas mention in video I have o lot of expenses which occur once a year or half-year etc. I am looking for application where I can input this expenses with information till which date, how much $, if it is reccuring and it will show me that every month I have to put aside this amount of $. Right now I have my own excel spreadsheet but it is not as comfortable and automated as it could be in some app. Thaks in advance for any tips.
Charles Gonsalves (6 months ago)
this video helped me finally make a budget that looks like a budget and has the potential to operate as one and i feel less pathetic and more hopeful now so thanks you're really great at what you do
AmericPet (6 months ago)
If you live away from family I would suggest making your emergency fund be able to cover the cost of a plane ticket there and back. In Canada that is more than five hundred dollars depending on where you live and what time of year tragedy strikes.
Hit "thumbs up" right after Star Track reference :)
Sebastian Urban (6 months ago)
If someone wants to improve their financial situation forever I Highely recommend a book called Total money make over. I've learnt some great things from it.
clara vadez (6 months ago)
Do a video about mini habits!
The Audio Journey (6 months ago)
LOVE this video. Not just your generic ‘save 10%, save for a down payment’ very helpful tips. Thanks!
BikerchickCaro (6 months ago)
Always like to watch you! You are so smart and knowledgeble!!! Love your tips!
Nelson Badia (6 months ago)
That Parks and Rec reference was pure perfection. Genius Thomas.
Adam Khan (6 months ago)
great tips, keep it up! Love Your content
WH Questions (6 months ago)
@Thomas Frank, is Prague your next travel destination or dream retirement location?
WH Questions (6 months ago)
Agree on the debt topic, there are 2 kinds of debt - a good and bad. Good debt helped you manage your cash flow and increase your earning capacity like loans used for rental apartments or for replenishing inventory. Robert Kiyosaki see this as debt acquiring asset. Bad debt are spent usually on expenses like gadgets and splurging in unnecessary spending. Agree, credit card is the easiest way to build credit history.
WH Questions (6 months ago)
https://www.numbeo.com/cost-of-living Cost of living Quezon City, Philippines from this site is almost real. Great tool indeed. (y)
WH Questions (6 months ago)
I agree with you Frank, awareness of our cash-flow (especially expenses) using data is a great way to start understanding one's financial health.
Wander with Jon (7 months ago)
Another amazing content, Thomas! How do you even manage to make these up! (Y)
Rulo180 (7 months ago)
Awesome content!! This video is exactly what I needed right now! Thanks :)
Mikuláš Hobzík (7 months ago)
Great video! Greetings from Prague btw :D housing here isn't rly cheap, so don't expect some low-cost living...
Tânia Nazaré (7 months ago)
You got a like from the point Ben showed the spreadsheet. #goodchoice
Ivan Jaen (7 months ago)
Alligator food LOL
aryaj singh (7 months ago)
Hey man, any existing or future video on how to achieve highest progress rate?? provided the subject (being me) is willing to put max. effort :P (As I currently am but my rank isn't decreasing fast enough)
Natalia B (7 months ago)
Feel like it's worth mentioning that even with paying off your credit card balance in full, you also don't want to use the full line of credit every month. I've read that high credit utilization isn't great for your credit score. So if you have a card with a $500 limit, you might want to keep your spending on it under $165 (or 33%) and use a debit card for everything else.
Babymagicalpanda (7 months ago)
Hi ! Just wondering, would Dashlane be better than Lastpass ? :) Thanks a lot for this video, I am looking for a job right now to be financially independant from my parents, and those tips about managing money are great ! :D
Saad Gourch (7 months ago)
What if the dashlane get hacked
Rafal Kamieniecki (7 months ago)
Anybody knows the name of the Song ?
Annie Joseph (7 months ago)
Hey.. am I the only person who thinks that he kinda looks like Liam Payne ?? 😂😂😂 LoL .. #loveyaThomas#Bestvids 🙌🏼
Noelyn Baquilar (7 months ago)
*I actually wanted to write private to you, but I guess I needed some help from all people* I just started in “High School” - the school system is different in Denmark. But I am going to exam in November, and I really need tips and tricks to how I stay focused, motivated and to study into my subjects. This exam is so important so I can study further on into economics and innovation! But I don’t know how I am going to study up to the exams?
Francesco Emanuele Russo (4 months ago)
Cal Newport's books. I went from trying my chemistry exam 6 times to acing it with a perfect score. Once you get your inner game down and you build some strong habits it really becomes almost automatic, don't worry. Best of luck.
MemoryCore (7 months ago)
HELLO EVERYONE!!!!!! I know this is random, but I really messed myself up this summer with debt. I made a gofundme account to try and see if I can figure things out. Please consider taking a look at it. You don't even have to donate if you don't want to. Just consider sharing it on Facebook with friends and family and I would really appreciate it. I am so embarrassed that I can't even share it to people I know on Facebook. This is the best way I could think of getting it shared around for now. Here is a link to my profile. Thank you so much for looking at it. https://www.gofundme.com/fxsh3g
Paola Obispo (7 months ago)
How does one know those password savers are safe?
Kelly Smith (7 months ago)
Thomas, man I really enjoy and absorb the information you share here. Thanks, and keep up the excellent job
Adéla Procházková (7 months ago)
I heard that the emergency fund should be 3 times your monthly wage :)
Joseph D'Alecy (7 months ago)
The bitconnect plugin was fucking amazing!
thoughty 42 (7 months ago)
There is a lot of income sources.nice
MadisonVillegas1 (7 months ago)
Thanks Dad.
Ark (7 months ago)
Oh I never knew "analysis" had a plural form. (I'm French.) Thanks Tom ! x)
Kyle Mitchell (7 months ago)
There's a problem with this video: after 17 minutes of learning fiscal responsibility I looked up Boosted and then immediately wanted to spend +$1000 on an electric skateboard. Seriously, though, these were some great points I hadn't come across before. Good job avoiding making yet another every-piece-of-advice-about-money-management post like what you usually find out there.
A dumb physicist (7 months ago)
hey thomas... can you make a video on how to use Evernote effectively
Anthony Stone (7 months ago)
You seem too cool of a guy to live in Iowa.
slapto (7 months ago)
I would much rather pay all my debt then invest. I could be using the money Im paying on debt to invest
slapto (7 months ago)
Daaaaaave Ramsey
Bolivar Morales (7 months ago)
What is the book he said to get
Ahmet Kurum (7 months ago)
Just make your CEO father give you one of his credit cards LOL
Ema Ostřížková (7 months ago)
Wohoo Prague made it! XD
Bert Van Den Eeckhaut (7 months ago)
Rich Locke (7 months ago)
I find Thomas Frank genuine of helping people specially those who are in confusion, despair, in a rut, struggling in life, a lot are in the 3rd world, in short, those who need it the most, to ignite their dying fire once again... You are a treasure Sir Thomas 🌟
Laughing Is Good For You (7 months ago)
I always tell myself I’m going to learn and do what he says, but then I find myself staring at the damn handsome face of his and realize I wasn’t listening....
Miew The walker (7 months ago)
Big thanks for English subtitle
Jason Steve (7 months ago)
Could u summarize your videos in the description?
DRWXP (7 months ago)
One more: don't do laser eye surgery
Tom Hootie (7 months ago)
Unbelievable hacker Jong help me with this contact him via email [email protected],com via WhatsApp +18573099189
NotYourAverageJesusFreak (7 months ago)
My passwords look like this for things like my bank or other important info 145698723Klxy0054
Abigail Cornett (7 months ago)
YO! I didn’t realize you live in Des Moines! Do you ever do any fan meet ups or anything of the sort?
JustLivingLife (7 months ago)
He grew up there, I'm pretty sure he lives in Denver now.
Abigail Cornett (7 months ago)
And here I thought all Iowans knew each other
Arno Bashtar (7 months ago)
Mistake number 8, getting a girlfriend. Although it's kinda hard not to when you're as handsome and competent as Thomas Frank. No homo man.
ajsuflena (7 months ago)
he's so nice he gave a good sum towards charity

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